Welcome to the Total Mortgage Current Mortgage Rates Blog. There’s some economic data out today, but first, your daily mortgage rate forecast/advice.
Click here to get today’s latest mortgage rates.
Where are mortgage rates going?
Rates jump in the Freddie Mac PMMS
It’s Thursday after 10am and that means that the Freddie Mac Primary Mortgage Market Survey (PMMS) has been released. It’s the first report to have the Fed’s recent rate hike priced into it, and it shows. The average rate on a 30-year fixed rate mortgage shot up 14 basis points (one basis point = 0.01) to 4.30% (0.5 points); the average rate on a 15-year fixed rate mortgage went up 15 basis points to 3.52% (0.5 points); the average rate on a 5-year ARM rose 13 basis points to 3.32% (0.4 points).
Mortgage rates have now gone up in the PMMS for eight consecutive weeks. Data for the report is collected early on in the week, so it doesn’t reflect current market conditions. This week has been very slow, and mortgage rates are basically flat right now.
Here is what Chief Economist at Freddie Mac, Sean Becketti, had to say about the week for mortgage rates:
“A week after the only rate hike of 2016, the mortgage industry digested the Fed’s decision and this week’s survey reflects that response. Following Yellen’s speech last Wednesday, the 10-year Treasury yield rose approximately 10 basis points. The 30-year mortgage rate rose 14 basis points to 4.30 percent, reaching highs we have not seen since April 2014.”
What does this mean for me?
Mortgage rates shot up again this week. The ascent doesn’t seem to be in any hurry to come to a halt. If you’re on the market for a refinance or a purchase, you are almost certainly better off acting sooner rather than later.
Today’s economic data:
Durable Goods Orders
New orders for November fell 4.6%. Minus transportation new orders rose 0.5% month over month. Core capital goods went up 0.9% month over month.
GDP
The third estimate for third-quarter GDP came in at an impressive 3.5% this morning. That is just outside the top end of economists’ consensus range of 3.4%.
Jobless Claims
Applications filed for U.S. unemployment benefits unexpectedly jumped up 21,000 to 275,000 for the week of 12/17/16. The four week moving average is now up to 263,750.
Personal Income and Outlays
Personal income came in flat for November, which is below expectations for a 0.3% increase.
Click here to get today’s latest mortgage rates.
Notable events this week:
Monday:
- Fed Chair Speech
Tuesday:
- Nothing
Wednesday:
- Existing Home Sales
- EIA Petroleum Status Report
Thursday:
- Durable Goods Orders
- GDP
- Jobless Claims
- Personal Income and Outlays
Friday:
- New Home Sales
- Consumer Sentiment
from Total Mortgage Underwritings Blog http://ift.tt/2hLJS5U
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